Survey finds SMEs’ knowledge of government grants lacking

SME business owners remain worryingly unaware of the opportunities available to them to receive government funding grants, according to newly released survey results Grants Connector.

SME business owners remain worryingly unaware of the opportunities available to them to receive government funding grants, according to newly released survey results Grants Connector.

According to the latest annual Grants Connector research, which surveyed 500 Aussie business owners, 90 per cent of business owners are not aware of the 600 plus government grants that are currently available to them. And only 29 per cent of respondents said that they have the necessary contacts or have started conversations with government departments or advisers to assess their eligibility.

“In simple terms, this means that many business owners will miss out on what they’re eligible for, thereby slowing down the growth of their business,” Grants Connector convener Mike Boorn Plener said. “Over the last year or so it has become obvious that many businesses need funding to grow and that the government is releasing funding to business – yet it seems that there are still huge gaps in information and knowledge.”

Other notable figures from the Grants Connector survey include:

53 per cent of business owners expecting significant growth in the next two years, indicating the outlook is bright for business growth.

74 per cent of businesses are looking to innovate, saying they have products and services ideas that are still in the early stages and can be developed further.

Only one third of businesses surveyed could quantify their IP. The majority of business owners cannot fully identify and quantify IP, thereby essentially ‘leaving money on the table’ from the government as well as other potential investors.

Plener said the results indicate a lot of positivity in the business community –yet also a lack of understanding and education on what is available. Business owners can find out more about Grants Connector here.

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